Many small hotels in the Bulgarian Black Sea coastal region are offered for sale or turned into apartment complexes just before the upcoming summer season.

Hotel owners decided to sell because of bad surrounding infrastructure, inappropriate location or overestimated opportunities for profit, brokers and hotel managers said as quoted by Dnevnik daily.

Over 20 hotels in the coastal town of Varna are placed under interdiction because of unpaid debts of their owners.

In the region of Varna over 70 hotels are offered for sale,16 of which located in Golden Sands resort. The average price of the hotels is 2.3 million euro and the highest offer reached 55 million euro.

Large hotel complexes, which were built in recent years in Sunny Beach and Golden Sands resorts are still out of the list of hotels for sale.

Supply is lower compared to figures for the previous year but still exceeds demand several times, data of real estate agencies showed.

Most of the hotels offered for sale have operated for one or two years but the construction of some is still in progress.